APM Urges World Bank to Deny Tinubu's Loan Request

The Allied Peoples Movement (APM) has formally requested that the World Bank and other international financial institutions refrain from granting a new $1.5 billion loan to the administration of President Bola Tinubu. In a statement issued on Monday by the party's National Publicity Secretary, Abubakar Yusuf, the APM expressed concerns that the current government, led by the All Progressives Congress (APC), is a “squandermaniac” entity that lacks a coherent strategy to manage Nigeria's debt, which exceeds N166.7 trillion.

The party criticized the government's intention to secure additional loans despite the substantial revenue generated from the removal of the petrol subsidy. They argued that the administration's ongoing borrowing practices are detrimental, contributing to the depreciation of the naira and adversely affecting the purchasing power of Nigerians.